A new concept plan for the defunct Savoy project — likely to be several times larger than the 36 units originally envisioned — is expected to be presented to the Redevelopment Agency next week.
Capodagli Property Company is expected to come before commissioners at their 6:30 p.m. meeting on Wednesday, Feb. 1 with a plan for as many as 100 units, according to City Administrator and Redevelopment Director Peter Pelissier. He previously has said that the original plan for 36 units will not work and will need to be larger because of the amount of money already invested by the bank.
The Pompton Plains-based firm is expected to begin construction this spring on Meridia Water’s Edge, a 108-unit rental development behind the library. Capodagli was negotiating to acquire the Savoy site, which had gone into foreclosure, from the bank.
The Savoy was to be a four-story 36-unit, two-bedroom/two-bath condo project, with 7,000 square feet of ground-floor retail space along Main Street at Monroe Street (Block 320, Lots 1.02, formerly Lots 1-4). The developer, Dornoch, which bought up the parcels along Main Street for The Savoy and The Westbury more than five years ago, was declared in default of its redevelopment agreement last year.